The jobs picture in the U.S. is less than inspiring, according to new figures released by Challenger, Gray & Christmas yesterday (March 31).
According to the report, the good news is that layoffs were down nearly 22 percent from February. The March total of 48,207 layoffs is the lowest since December 2015.
The bad news is that the totals were up 32 percent from the same time in 2015, making last month the fourth in a row in which the year-over-year total has increased.
Oil prices’ historically low levels stand behind the bulk of the declines, as 27 percent of the total losses stemmed from there. However, CEO John Challenger noted, the difficulties in the economy are bigger than just low oil prices.
“Job cuts have slowed since surging in the first two months of the year, but the pace is still well above that of 2015. And, it is not just the energy sector that is seeing heavier job cuts.
“Layoff announcements have increased significantly in the retail sector and computer sector, as well. While it may be too early to sound the alarm bells, the upward trend outside of the energy sector is somewhat worrisome.”
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Retail job cuts were up 41 percent year-over-year. Also seeing big cuts were the computer sector which saw layoffs up 148 percent since last year’s Q1.
